Becoming a wealth management centre and international relations implications: The Singapore policy approach and global and regional responses
Document Type
Journal Article
Publisher
Cambridge University Press
Place of Publication
Cambridge, United Kingdom
Faculty
Faculty of Business and Law
School
School of Business
RAS ID
19946
Abstract
Singapore’s strategic play to secure international wealth management market share has been very successful. Serious questions, however, were raised in relation to this ascendency as the Global Financial Crisis (GFC, beginning in 2007) drove the European Union (EU) and the United States of America (US) to become proactive in clamping down on tax evasion and other areas deemed by them to be undesirable within the international financial system. This paper will examine the Singapore government’s decade-long growth policy of its wealth management sector, and how it has been impacted upon by international regulatory responses. Further, it examines how in stark contrast to the EU and the US, Indonesia has been far less successful in its diplomatic efforts to have Singapore address financial diplomacy issues (tax evasion and ill-gotten gains from corruption) in relation to Indonesian citizens residing in Singapore. This article will argue, however, that Singapore’s less than robust response to Indonesia’s constant requests for action maybe to the long-term detriment of Singapore itself.
DOI
10.1017/S1468109915000298
Access Rights
subscription content
Comments
Austin, I. P. (2015). Becoming a wealth management centre and international relations implications: The Singapore policy approach and global and regional responses. Japanese Journal of Political Science, 16(04), pp. 532-552. Available here.